LSI Industries Inc. (NASDAQ: LYTS, or the “Company”) a leading U.S.
based manufacturer of indoor/outdoor lighting and graphics
solutions, today announced results for the fiscal third quarter
2020.
Third Quarter 2020 Highlights
- Sales of $71.0 million reflects shift to higher margin sales
mix
- EPS of $0.07 versus ($0.12) prior year
- Net Income $1.9 million compared to Net Loss of ($3.2) million
last year
- EBITDA $4.7 million versus $0.3 million prior year
- Free Cash Flow of $3.5 million
- Net Debt reduced to $7.1 million, decrease of $35.0 million
from prior year
- Received cash proceeds of $7.6 million from facility sale
LSI generated improved profitability on modestly lower sales
during the fiscal third quarter, given an increased focus on a
higher-value sales mix, together with targeted, structural
reductions in operating expenses. The Company reported net
income of $1.9 million, or $0.07 per diluted share, in the fiscal
third quarter, versus a net loss of ($3.2) million or ($0.12) per
diluted share in the prior-year period. Fiscal third quarter
results include a non-recurring $3.7 million pre-tax gain resulting
from sale of the LSI North Canton, Ohio facility in March, 2020, as
well as $0.7 million of restructuring expense. Excluding
these recurring items, LSI reported an adjusted net loss of ($1.1)
million, or ($0.04) per diluted share, compared to an adjusted net
loss of ($2.2) million or ($0.08) per diluted share in the prior
year period.
The Company reported fiscal third quarter adjusted EBITDA of
$1.7 million, versus $0.7 million in the prior-year period.
LSI generated free cash flow of $3.5 million in the third quarter,
contributing to a further reduction in long-term debt outstanding
during the period. As of March 31, 2020 LSI had total net
debt of $7.1 million or 0.5x trailing twelve month Adjusted
EBITDA. The schedule reconciling GAAP and non-GAAP financial
results is included later in the release.
Within the Graphics Segment, sales increased on a year-over-year
basis for the tenth consecutive quarter, supported by a combination
of new and existing programs serving customers within the petroleum
vertical. Within the Lighting segment, the continued
migration toward a higher-value product mix resulted in slightly
lower sales during the period, although segment operating income
remained consistent with prior-year levels.
The Company declared a regular cash dividend of $0.05 per share
payable May 12, 2020 to shareholders of record on May 4, 2020.
Management Commentary
James A. Clark, President and Chief Executive Officer commented,
“Our planned migration toward a higher-value sales mix continued to
move forward during the third quarter, resulting in improved margin
realization during the period. This sharpened commercial
focus, combined with an increasingly lean cost structure,
contributed to a material year-over-year improvement in gross
margin rate, adjusted operating income and net income.
Within our Lighting Segment, we generated a 170 basis point
year-over-year improvement in gross margin rate, while total
segment sales declined 7%. Consistent with our go-to-market
approach, project sales of higher margin outdoor products increased
during the quarter, while sales for select, lower-margin indoor
products declined, as expected. Our outdoor area lighting
solutions generated double-digit sales growth during the period,
given improved traction within the automotive vertical, which
delivered a strong quarter. Several key new lighting products
are scheduled for launch in the fiscal fourth quarter, targeting
the petroleum, convenience store, warehousing and parking garage
vertical markets, all important lighting solution applications for
LSI.
The Graphics Segment delivered another consecutive quarter of
growth as segment sales increased 10% during the period,
contributing to improved operating income when compared to the
prior year. Segment growth was attributable to increased
activity in the petroleum vertical as several large, multi-year
programs in various stages of implementation continue to move
forward. Backlog within the petroleum vertical remains high
versus historical levels and is expected to remain so well into
fiscal 2021. More recently, in response to the COVID-19
pandemic, we were able to leverage our short lead-time capabilities
to fill several emergency orders for social distancing graphics
products across a wide selection of our customer base including
petroleum, grocery and pharma.
Last week, we announced that a leading U.S. QSR restaurant chain
awarded LSI new business valued at more than $100 million dollars
over the program lifecycle, currently scheduled through 2022.
Our customer recognizes the benefits of partnering with one company
to perform the lead system integrator function at more than 6,000
U.S. locations – as we provide the capability to manufacture,
install and manage post-sales support of this critical
program.
Over the last year, we have taken decisive action to invest in
new products, improve our commercial leadership, drive new business
and reduce our cost structure. We recently hired a new
commercial leader, increased our investment in marketing and
product development and have accelerated our entire innovation
process. As part of our longer-term plan to improve capacity
utilization and strengthen our manufacturing and customer service
capabilities, we sold two manufacturing facilities resulting in $20
million in total cash proceeds while realizing more than $4 million
of total annualized cost savings. These changes allowed us to
leverage our existing footprint in Ohio, Kentucky, North Carolina
and Texas while strengthening our commitment to U.S. based
manufacturing along with a diverse and redundant supply
chain.
Our leadership team continues to closely monitor the COVID-19
pandemic. Looking forward, it is not yet possible to gauge
the full impact of the situation on our markets and our company,
given the uncertain duration of this challenge. Our internal
task force remains focused on three main areas: Employee
safety, customer service and support and cost-effective business
continuity. We remain fully operational at all manufacturing
facilities and practice safe engagement with our customers, agents
and suppliers.
We enter this current challenge with a strong balance sheet,
solid liquidity and a strong management team. We also have
additional plans to reduce operating costs. Our actions have
positioned LSI to confront the pandemic-related volatility in the
market, while providing the ability to invest strategically as we
look ahead to the next phase of growth. We will continue to
collaborate closely with our partners and customers as we navigate
the current environment and assess opportunities.”
CONFERENCE CALL
A conference call will be held today at 11:00 A.M. ET to review
the Company’s financial results and conduct a question-and-answer
session.
A webcast of the conference call and accompanying presentation
materials will be available in the Investor Relations section of
LSI Industries’ website at www.lsi-industries.com.
Individuals can also participate by teleconference dial-in.
To listen to a live broadcast, go to the site at least 15 minutes
prior to the scheduled start time in order to register, download,
and install any necessary audio software.
Details of the conference call are as follows:
Call
Dial-In: |
877-407-4018 |
Conference ID: |
13700841 |
|
|
Call Replay: |
844-512-2921 |
Replay Passcode: |
13700841 |
A replay of the conference call will be available between April
23, 2020 and May 7, 2020. To listen to a replay of the
teleconference via webcast, please visit the Investor Relations
section of LSI Industries’ website at www.lsi-industries.com.
ABOUT LSI INDUSTRIES
Headquartered in Blue Ash, Ohio (Greater Cincinnati), LSI
Industries is a leading producer of high-performance, American-made
lighting solutions. The Company’s strength in outdoor
lighting applications creates opportunities for it to introduce
additional solutions to its valued customers. LSI’s indoor
and outdoor products and services, including its digital and print
graphics capabilities, are valued by architects, engineers,
distributors and contractors for their quality, reliability and
innovation. The Company’s products are used extensively in
automotive dealerships, petroleum stations, quick service
restaurants, grocery stores and pharmacies, retail establishments,
sports complexes, parking lots and garages, and commercial and
industrial buildings. LSI has approximately 1,200 employees
at seven manufacturing plants in the United States, including its
corporate headquarters and international subsidiaries.
Additional information about LSI is available at
www.lsi-industries.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Forward-looking statements may be identified by words such as
“estimates,” “anticipates,” “encourage,” “projects,” “plans,”
“expects,” “can,” “intends,” “believes,” “seeks,” “may,” “will,”
“should,” or the negative versions of those words and similar
expressions and by the context in which they are used. For
details on the uncertainties that may cause our actual results to
be materially different than those expressed in our forward-looking
statements, visit http://www.lsi-industries.com/fls as well as our
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
which contain risk factors.
INVESTOR CONTACT
Noel Ryan, IRC720.778.2415LYTS@vallumadvisors.com
Financial
Highlights
Three Months EndedMarch 31 |
|
|
|
Nine Months EndMarch 31 |
|
(Unaudited) |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
|
(In thousands, except per share data) |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
$ |
71,010 |
|
|
$ |
72,832 |
|
|
-3 |
% |
|
Net Sales |
|
$ |
242,088 |
|
|
$ |
247,330 |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,631 |
|
|
|
(2,273 |
) |
|
n/m |
|
|
Operating Income (Loss) as reported |
|
|
11,230 |
|
|
|
(19,610 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,055 |
) |
|
|
368 |
|
|
|
|
Restructuring and plant closure costs (gains) |
|
(7,367 |
) |
|
|
1,991 |
|
|
|
|
19 |
|
|
|
42 |
|
|
|
|
Severance costs |
|
|
73 |
|
|
|
534 |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
Goodwill Impairment |
|
|
- |
|
|
|
20,165 |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
Transition and re-alignment costs |
|
|
- |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(405 |
) |
|
$ |
(1,863 |
) |
|
78 |
% |
|
Operating Income as adjusted |
|
$ |
3,936 |
|
|
$ |
3,200 |
|
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,861 |
|
|
$ |
(3,168 |
) |
|
n/m |
|
|
Net Income (Loss) as reported |
|
$ |
8,079 |
|
|
$ |
(17,201 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,065 |
) |
|
$ |
(2,170 |
) |
|
51 |
% |
|
Net Income as adjusted |
|
$ |
1,536 |
|
|
$ |
908 |
|
|
69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.07 |
|
|
$ |
(0.12 |
) |
|
n/m |
|
|
Earnings
(Loss) per share (diluted) as reported |
$ |
0.31 |
|
|
$ |
(0.66 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
50 |
% |
|
(Loss) Earnings per share (diluted) as
adjusted |
$ |
0.06 |
|
|
$ |
0.03 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(amounts in
thousands) |
|
|
March
31, |
|
June
30, |
|
|
2020 |
|
2019 |
Working Capital |
|
$ |
56,409 |
|
$ |
71,105 |
Total Assets |
|
$ |
182,232 |
|
$ |
201,100 |
Long-Term Debt |
|
$ |
7,919 |
|
$ |
39,541 |
Other Long-Term Liabilities |
|
$ |
10,728 |
|
$ |
1,747 |
Shareholders' Equity |
|
$ |
124,707 |
|
$ |
119,937 |
|
|
|
|
|
Three Months Ended March 31, 2020 Results
Net sales for the three months ended March 31,
2020 were $71.0 million, down 3% from the three months ended March
31, 2019 net sales of $72.8 million. Lighting Segment net sales of
$49.0 million decreased 7% and Graphics Segment net sales of $22.0
million increased 10% from last year’s third quarter net sales. The
Company recorded pre-tax restructuring and plant closure net
(gains) of ($3.1) million related to sale of its North Canton, Ohio
facility. Net income for the three months ended March 31,
2020 was $1.9 million, or $0.07 per share, compared to net loss of
($3.2) million or ($0.12) per share for the three months ended
March 31, 2019. Earnings per share represents diluted earnings per
share.
Nine Months Ended March 31, 2020
ResultsNet sales for the nine months ended March 31, 2020
were $242.1 million, down 2% from the nine months ended March 31,
2019 net sales of $247.3 million. Lighting Segment net sales of
$165.6 million decreased 7% while Graphics Segment net sales of
$76.5 million increased 10% from last year’s net sales. The Company
recorded pre-tax restructuring and plant closure net (gains) of
($7.4) million related to the sale of its North Canton, Ohio
facility and the closure of its New Windsor, New York facility as
well as costs incurred related to the realignment of its
manufacturing footprint at its Houston, Texas facility. The
realignment occurred as the result of the movement of equipment
related to the closure of the New Windsor facility along with
preparations to receive additional equipment resulting from the
relocation of its North Canton, Ohio facility. The Company also
recorded $0.1 million of severance costs. Net income for the nine
months ended March 31, 2020 was $8.1 million or $0.31 per share,
compared to net loss of ($17.2) million or $(0.66) per share for
the nine months ended March 31, 2019. Earnings per share
represents diluted earnings per share.
Balance SheetThe balance sheet
at March 31, 2020 included current assets of $95.3 million, current
liabilities of $38.9 million and working capital of $56.4 million,
which includes cash of $0.8 million. The current ratio was 2.4 to
1. The balance sheet also included shareholders’ equity of $124.7
million and $7.9 million of long-term debt. It is the Company’s
priority to continuously generate sufficient cash flow coupled with
an approved credit facility to adequately fund operations.
Cash Dividend Actions
The Board of Directors declared a regular
quarterly cash dividend of $0.05 per share in connection with the
third quarter of fiscal 2020 payable May 12, 2020 to shareholders
of record as of the close of business on May 4, 2020. The
indicated annual cash dividend rate is $0.20 per share. The Board
of Directors has adopted a policy regarding dividends which
provides that dividends will be determined by the Board of
Directors in its discretion based upon its evaluation of earnings
both on a GAAP and non-GAAP basis, cash flow requirements,
financial condition, debt levels, stock repurchases, future
business developments and opportunities, and other factors deemed
relevant by the Board.
Non-GAAP Financial Measures
This press release includes adjustments to GAAP operating
income, net income and earnings per share for the three and nine
months ended March 31, 2020 and 2019. Operating income, net
income and earnings per share, which exclude the impact of
restructuring and plant closure costs, severance costs, goodwill
impairment charges, and transition and re-alignment costs are
non-GAAP financial measures. We exclude these non-recurring
items because they are not representative of the ongoing results of
operations of our business. Also included in this press
release are non-GAAP financial measures including Earnings before
Interest, Taxes, Depreciation and Amortization (EBITDA and Adjusted
EBITDA) and Free Cash Flow. We believe that these are useful as
supplemental measures in assessing the operating performance of our
business. These measures are used by our management,
including our chief operating decision maker, to evaluate business
results, and are frequently referenced by those who follow the
Company. Below is a reconciliation of these non-GAAP
financial measures to the net income and earnings per share
reported for the periods indicated along with the calculation of
EBIDTA, Adjusted EBITDA and Free Cash Flow.
|
|
|
|
|
Three Months
Ended |
|
|
|
Nine Months
Ended |
March 31 |
|
|
|
March 31 |
|
2020 |
|
|
|
|
2019 |
|
|
|
(In thousands, except per share data) |
|
|
2020 |
|
|
|
|
2019 |
|
|
|
DilutedEPS |
|
|
DilutedEPS |
|
|
|
|
DilutedEPS |
|
|
DilutedEPS |
|
|
|
|
Reconciliation of net income (loss) to adjusted net
income |
|
|
$ |
1,861 |
|
$ |
0.07 |
|
|
$ |
(3,168 |
) |
$ |
(0.12 |
) |
|
Net Income (Loss) as reported |
|
$ |
8,079 |
|
$ |
0.31 |
|
|
$ |
(17,201 |
) |
$ |
(0.66 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,769 |
) |
|
(0.10 |
) |
|
|
115 |
|
|
- |
|
|
Restructuring and plant closure (gains) costs |
|
|
(5,995 |
) |
|
(0.23 |
) |
|
|
1,386 |
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
- |
|
|
|
(14 |
) |
|
- |
|
|
Severance costs |
|
|
61 |
|
|
- |
|
|
|
372 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Goodwill Impairment |
|
|
- |
|
|
- |
|
|
|
15,361 |
|
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Transition and re-alignment costs |
|
|
- |
|
|
- |
|
|
|
94 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(174 |
) |
|
(0.01 |
) |
|
|
897 |
|
|
0.03 |
|
|
Tax impact due to the change in the estimated annual
taxrate used for GAAP reporting purposes |
|
|
(609 |
) |
|
(0.02 |
) |
|
|
897 |
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,065 |
) |
$ |
(0.04 |
) |
|
$ |
(2,170 |
) |
$ |
(0.08 |
) |
|
Net Income adjusted |
|
$ |
1,536 |
|
$ |
0.06 |
|
|
$ |
908 |
|
$ |
0.03 |
|
|
|
|
NOTE: All adjustments are net of tax except for the
adjustment of the tax impact from the change in the estimated
annual tax rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedMarch 31 |
|
(Unaudited; In thousands) |
|
Nine Months EndMarch 31 |
|
EBITDA and Adjusted EBITDA |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
|
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
$ |
2,631 |
|
|
$ |
(2,273 |
) |
|
n/m |
|
Operating Income (Loss) as reported |
|
$ |
11,230 |
|
|
$ |
(19,610 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,080 |
|
|
|
2,552 |
|
|
|
|
Depreciation and Amortization |
|
|
6,631 |
|
|
|
7,787 |
|
|
|
$ |
4,711 |
|
|
$ |
279 |
|
|
n/m |
|
EBITDA |
|
$ |
17,861 |
|
|
$ |
(11,823 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,055 |
) |
|
|
368 |
|
|
|
|
Restructuring and plant closure costs (gains) |
|
|
(7,367 |
) |
|
|
1,991 |
|
|
|
|
19 |
|
|
|
42 |
|
|
|
|
Severance costs |
|
|
73 |
|
|
|
534 |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
Goodwill impairment |
|
|
- |
|
|
|
20,165 |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
Transition and re-alignment costs |
|
|
- |
|
|
|
120 |
|
|
|
$ |
1,675 |
|
|
$ |
689 |
|
|
n/m |
|
Adjusted EBITDA |
|
$ |
10,567 |
|
|
$ |
10,987 |
|
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedMarch 31 |
|
(Unaudited; In thousands) |
|
Nine Months EndMarch 31 |
|
Free Cash Flow |
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
|
|
|
2020 |
|
|
|
2019 |
|
|
% Change |
$ |
(3,806 |
) |
|
$ |
(1,243 |
) |
|
n/m |
|
Cash Flow From Operations |
|
$ |
17,097 |
|
|
$ |
6,385 |
|
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,700 |
|
|
|
- |
|
|
|
|
Proceeds from Sale of Facilities |
|
|
20,032 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(419 |
) |
|
|
(769 |
) |
|
|
|
Capital Expenditures |
|
|
(1,538 |
) |
|
|
(2,348 |
) |
|
|
$ |
3,475 |
|
|
$ |
(2,012 |
) |
|
n/m |
|
Free Cash Flow |
|
$ |
35,591 |
|
|
$ |
4,037 |
|
|
n/m |
Condensed Consolidated Statement of
Operations
Three Months EndedMarch 31 |
|
|
Nine Months EndedMarch 31 |
(Unaudited) |
|
|
2020 |
|
|
|
2019 |
|
|
(In thousands, except per share data) |
|
|
2020 |
|
|
|
2019 |
|
|
$ |
71,010 |
|
|
$ |
72,832 |
|
|
Net Sales |
|
$ |
242,088 |
|
|
$ |
247,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
54,834 |
|
|
|
57,180 |
|
|
Cost of Products Sold |
|
|
183,558 |
|
|
|
190,207 |
|
|
|
223 |
|
|
|
261 |
|
|
Restructuring Costs |
|
|
758 |
|
|
|
792 |
|
|
|
11 |
|
|
|
54 |
|
|
Severance Costs |
|
|
11 |
|
|
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,942 |
|
|
|
15,337 |
|
|
Gross Profit |
|
|
57,761 |
|
|
|
56,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
17,032 |
|
|
|
17,515 |
|
|
Selling and Administrative Costs |
|
|
55,045 |
|
|
|
54,990 |
|
|
|
(3,729 |
) |
|
|
107 |
|
|
Restructuring Costs |
|
|
(8,576 |
) |
|
|
132 |
|
|
|
8 |
|
|
|
(12 |
) |
|
Severance Costs |
|
|
62 |
|
|
|
457 |
|
|
|
- |
|
|
|
- |
|
|
Goodwill Impairment |
|
|
- |
|
|
|
20,165 |
|
|
|
- |
|
|
|
- |
|
|
Transition and re-alignment costs |
|
|
- |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,631 |
|
|
|
(2,273 |
) |
|
Operating Income (Loss) |
|
|
11,230 |
|
|
|
(19,610 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
642 |
|
|
|
183 |
|
|
Other Expense |
|
|
633 |
|
|
|
183 |
|
|
|
128 |
|
|
|
579 |
|
|
Interest Expense, net |
|
|
792 |
|
|
|
1,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,861 |
|
|
|
(3,035 |
) |
|
Income (Loss) Before Taxes |
|
|
9,805 |
|
|
|
(21,505 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
133 |
|
|
Income Tax |
|
|
1,726 |
|
|
|
(4,304 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,861 |
|
|
$ |
(3,168 |
) |
|
Net Income (Loss) |
|
$ |
8,079 |
|
|
$ |
(17,201 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Common Shares Outstanding |
|
|
|
|
|
26,301 |
|
|
|
26,132 |
|
|
Basic |
|
|
26,250 |
|
|
|
26,083 |
|
|
|
26,623 |
|
|
|
26,132 |
|
|
Diluted |
|
|
26,423 |
|
|
|
26,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Per Share |
|
|
|
|
|
$ |
0.07 |
|
|
$ |
(0.12 |
) |
|
Basic |
|
$ |
0.31 |
|
|
$ |
(0.66 |
) |
|
$ |
0.07 |
|
|
$ |
(0.12 |
) |
|
Diluted |
|
$ |
0.31 |
|
|
$ |
(0.66 |
) |
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet |
|
|
|
|
|
|
|
(amounts in
thousands) |
|
|
March
31, |
|
June
30, |
|
|
2020 |
|
2019 |
Current Assets (Less Assets Held for Sale) |
|
$ |
95,287 |
|
$ |
103,468 |
Assets Held for Sale |
|
|
- |
|
|
7,512 |
Property, Plant and Equipment, net |
|
|
24,703 |
|
|
31,976 |
Other Assets |
|
|
62,242 |
|
|
58,144 |
Total Assets |
|
$ |
182,232 |
|
$ |
201,100 |
|
|
|
|
|
Current Liabilities |
|
$ |
38,878 |
|
$ |
39,875 |
Long-Term Debt |
|
|
7,919 |
|
|
39,541 |
Other Long-Term Liabilities |
|
|
10,728 |
|
|
1,747 |
Shareholders' Equity |
|
|
124,707 |
|
|
119,937 |
|
|
$ |
182,232 |
|
$ |
201,100 |
|
|
|
|
|
LSI Industries (NASDAQ:LYTS)
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LSI Industries (NASDAQ:LYTS)
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